{"id":2369723,"date":"2024-11-16T10:01:59","date_gmt":"2024-11-16T15:01:59","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/new-york-city-ditches-broker-fees-despite-objections-from-realtors-washington-examiner\/"},"modified":"2024-11-16T10:04:54","modified_gmt":"2024-11-16T15:04:54","slug":"new-york-city-ditches-broker-fees-despite-objections-from-realtors-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/new-york-city-ditches-broker-fees-despite-objections-from-realtors-washington-examiner\/","title":{"rendered":"New York City ditches broker fees despite objections from realtors &#8211; Washington Examiner"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fnew-york-city-ditches-broker-fees-despite-objections-from-realtors-washington-examiner%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2369723&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>New York \u2064City has approved a significant \u2064change in how \u200dbroker fees are handled in rental\u2062 agreements through the Fairness in Apartment Rentals Act (FARE Act). This\u2062 law mandates that landlords, rather than tenants,\u2064 pay broker \u2063fees if they hire a broker, reversing\u200c the longstanding norm where tenants bore this cost. The City Council passed \u2062the act with a\u2063 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/in-signing-the-covid-19-relief-bill-president-trump-redlines-bill-requesting-an-increase-in-benefits-to-2000-section-230-terminated-or-revised-and-an-investigation-into-voter-fraud-be-performed\/\" title=\"In Signing the COVID-19 Relief Bill, President Trump Redlines Bill Requesting an Increase in Benefits to 00, Section 230 Terminated or Revised and an Investigation Into Voter Fraud Be Performed\">veto-proof majority<\/a>\u200c of 42 to \u20638, and it now awaits approval from Mayor Eric Adams. Advocates argue that this \u2062change aims \u200dto\u2064 ease\u200c the\u200d financial \u2064burden\u200b on tenants in a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/outgoing-nyc-mayor-bill-de-blasio-claims-his-big-sin-was-just-going-for-long-walks\/\" title=\"Outgoing NYC Mayor Bill De Blasio Claims His Big \u2018Sin\u2019 Was Just Going For Long Walks\">city grappling<\/a>\u2064 with a housing shortage and a low \u200bvacancy \u2062rate of 1.4%. Councilor Chi Oss\u00e9 emphasized that tenants have been unfairly burdened\u200c with costs \u200dfor\u200b brokers they did not hire, while another supporter, Councilmember Shaun Abreu, claimed the law could greatly impact tenants&#8217; ability to secure \u2063housing.<\/p>\n<p>However, the Real Estate Board of \u2064New York has raised concerns, suggesting that this\u200d new requirement could\u200d lead\u2064 to increased rents as landlords may incorporate broker fees into rental \u200cprices. \u200bCritics also fear it might discourage\u200c landlords from listing\u2064 apartments online, ultimately making it more challenging for tenants to find housing.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">New York City ditches broker fees despite objections from realtors<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_1883170\" class=\"tpd-featured-video bridtv\"><\/div>\n<p>(The Center Square) &mdash; New York City landlords will be required to pay costly broker fees for tenants under a plan approved by the City Council that real estate groups argue will drive up rents and make it harder to find housing in the city.&nbsp;<\/p>\n<div class=\"article-paywall\">\n<p>The Fairness in Apartment Rentals Act, or FARE Act, was approved by the Council with a veto-proof majority of 42 to 8 on Wednesday, sending the proposal to Mayor Eric Adams for consideration.&nbsp;<\/p>\n<p>The new law will change how landlords and <a href=\"https:\/\/amzn.to\/3YuVZYV\">tenants pay real estate broker fees<\/a> by requiring whoever hires the broker to be responsible for the costs. Currently, prospective tenants are on the hook, regardless of who hired the broker. The fees, which range from one month&rsquo;s rent to 20% of the annual lease, have long been viewed as a barrier to New Yorkers finding a place to live in a city with a housing shortage and a 1.4% vacancy rate.<\/p>\n<p>&ldquo;Housing is the largest cost for New Yorkers and the number one political concern,&rdquo; Councilor Chi Oss&eacute;, a Brooklyn Democrat and lead sponsor of the bill, said in a statement. &ldquo;For too many decades, tenants have been forced to hand over thousands of dollars in fees to a broker they never hired or asked for straining their budgets and restricting their freedom of movement.&rdquo;&nbsp;&nbsp;<\/p>\n<p>&ldquo;This bill is seismic,&rdquo; said Councilmember Shaun Abreu of Manhattan. &ldquo;It&rsquo;s going to be the difference between being able to have an apartment or not being able to have an apartment.&rdquo;<\/p>\n<p>But critics, like the powerful Real Estate Board of New York, say the new requirements would push rents to higher levels as landlords will bake the cost of the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/harris-chooses-msnbc-anchor-who-has-shown-support-to-host-her-second-solo-interview-washington-examiner\/\" title=\"Harris chooses MSNBC anchor who has shown support to host her second solo interview - Washington Examiner\">broker&#038;rsquo<\/a>;s fee into the rent. They say the legislation could also incentivize landlords to take apartment listings off the internet, making it harder for New Yorkers to find apartments.&nbsp;<\/p>\n<p>&ldquo;The FARE Act will make it harder for tenants to find housing, raise rents, and make the hard work of real estate agents even more difficult,&rdquo; REBNY president James Whelan said in a statement. &ldquo;REBNY will continue to pursue all options to fight against this harmful legislation on behalf of our members and the renters they serve.&rdquo;<\/p>\n<p>On its website, REBNY said the vote&rsquo;s outcome was &ldquo;disappointing&rdquo; but urged members to continue to reach out to council members to make them &ldquo;understand the far-reaching consequences of the FARE Act on both renters and real estate professionals.&rdquo;&nbsp;<\/p>\n<p>Tenant groups and New York City officials have been pushing to eliminate the fee for years. In 2020, New York issued a mandate requiring landlords to pay the fees, but the Real Estate Board sued to overturn the requirement, and a state court ruled in their favor. It wasn&rsquo;t clear whether the board will sue to block the legislation approved by the council.&nbsp;<\/p>\n<p>Mayor Adams hasn&rsquo;t said whether he will sign the bill but has raised concerns about the potential impact of the changes on smaller property owners and tenants who may end up paying more in rent.&nbsp;<\/p>\n<p>&ldquo;The bill has the right intentions,&rdquo; Adams said in remarks. &ldquo;But sometimes good intentions do not get the results you&rsquo;re looking for.&rdquo;<\/p>\n<\/div>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_1883170\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1883170\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>NYC mandates landlords pay broker fees, sparking realtor concerns<\/p>\n","protected":false},"author":1,"featured_media":2369724,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/09\/New-York-City-Hall.webp","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[45137,36462,27491],"class_list":["post-2369723","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-broker-fees","tag-new-york-city","tag-real-estate"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/09\/New-York-City-Hall.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2369723","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2369723"}],"version-history":[{"count":3,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2369723\/revisions"}],"predecessor-version":[{"id":2369727,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2369723\/revisions\/2369727"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2369724"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2369723"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2369723"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2369723"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}